Although CryptoCurrencies are not yet firmly legalized in Russia, however, taxpayers in Russia have started declaring incomes and profits made from cryptocurrency transactions.
For the first time, someone who resides in Russia has declared income obtained through purchases and sales of cryptocurrency, the Federal Tax Service reported on its website. The Federal Tax service also noted that this is based on results from this year’s tax collecting campaign.
Taxpayers must declare their tax obligations no later than April 30 of the year following the taxation period, the Service reminded. The tax base for crypto transactions is calculated in rubles. It represents the excess amount of the total received from the sale of cryptocurrency over the total of the expenses for its acquisition.
In the absence of special rules, residents dealing in crypto are expected to follow the established general procedures.
However, even with this, there are still more to be clarified regarding this iss